Seven Ways to Simplify the Financial New Year

A Resolution Checklist for Financial Health

Here we are starting another new year. Resolutions are everywhere, and maybe a few have been broken already. One of the areas many people think about at the start of a new year is how to be proactive with their finances. There are many areas to consider, so Brandon Steele, a certified financial planner, breaks down seven key points to simplify your financial well being.

Goals and Priorities

The first step in any proper planning. The new year is the perfect time to re-evaluate your financial planning goals and priorities in order to adjust strategies to reflect your new ambitions.

Review Beneficiaries

Sounds simple, right? I can’t tell you how many times I have sat down with someone for the first time who had a divorced spouse listed as the primary beneficiary on all their retirement accounts. It can be extremely helpful to set a time once a year to ensure all beneficiaries are accurate.

Get a Head Start on Taxes

As you now have a sense of your total income and any taxable transactions for the year, this is a great time to get a head start on your taxes before the filing deadline. The more time to plan, the more you may be able to do minimize the tax bill.

Charitable Donations

Start planning out your charitable contributions and consider the impacts. Getting a heard start can mean very effective strategies, plus will allow you time to make very thoughtful, impactful contributions.

New Savings Strategies

Every year, contribution limits, tax changes, and other factors will dictate the amount you are allowed to save, and the most effective way to do so. It is critical to take the time to understand the new year’s changes and adjust your savings strategy.

Investment Allocation

Reflect and develop strategies for your investment approach to be sure taxes are managed efficiently and the investments reflect the current economic landscape.

Estate Planning

With new laws passed and an ever-changing legal system, not only is it important to review beneficiaries every year, but it is also important to—at minimum—review any estate planning strategies and, adjust if need be.

With this seven-step checklist, make 2025 the year to get your finances in order.

Our very own Brandon Steele was a guest contributor for the Reflections, the Bellevue Club members magazine. This article was featured in Reflections, the Bellevue Club Members Magazine in 2019. See the full scan here.